TR-1 NOTIFICATION OF MAJOR INTERESTS IN SHARES

1.   Identity of the issuer or the underlying issuer of existing shares to    
     which voting rights are attached :                                       
                                                                              
     Gartmore Smaller Companies Trust p.l.c.                                  

2.   Reason for the notification (place an X inside the appropriate bracket/s)
     :                                                                        
                                                                              
     An acquisition or disposal of voting rights                        X     
                                                                              
     An acquisition or disposal of financial instruments which may            
     result in the acquisition of shares already issued to which              
     voting rights are attached                                               
                                                                              
     An event changing the breakdown of voting rights                         
                                                                              
     Other                                                                    

3.   Full name of person(s) subject to the notification obligation :          
                                                                              
     QVT Financial LP                                                         

4.   Full name of shareholder(s) (if different from 3) :                      
                                                                              
     QVT Fund LP                                                              
                                                                              
     Quintessence Fund L.P.                                                   
                                                                              
     Deutsche Bank AG                                                         

5.   Date of the transaction (and date on which the threshold is crossed or   
     reached if different) :                                                  
                                                                              
     7 October 2008                                                           

6.   Date on which issuer notified :                                          
                                                                              
     8 October 2008                                                           

7.   Threshold(s) that is/are crossed or reached :                            
                                                                              
     3% - 15%                                                                 

8.   Notified Details :                                                       
                                                                              

A: Voting rights attached to shares

Class/type of Situation previous    Resulting situation after the Triggering   
  shares if    to the Triggering                   transaction                 
  possible        transaction                                                  
  using the                                                                    
  ISIN CODE                                                                    
                                                                               
              Number of Number of Number of  Number of voting     % of voting  
               Shares    Voting    shares         rights            rights     
                         Rights                                                
                                                                               
                                   Direct    Direct   Indirect  Direct Indirect
                                                                               
GB0005323091     N/A       N/A    2,170,000     -     2,170,000   -     15.66% 

B: Financial Instruments

Resulting situation after the triggering transaction

  Type of f   Expiration   Exercise/Conversion  Number of voting   % of voting 
  inancial        date         Period/Date     rights that may be     rights   
 instrument                                     acquired if the                
                                                 instrument is                 
                                               exercised/converted             
                                                                               

Total (A+B) :                                                                 
                                                                              
Number of voting rights                % of voting rights                     
                                                                              
2,170,000                              15.66%                                 

9.   Chain of controlled undertakings through which the voting rights and/or  
     the financial instruments are effectively held, if applicable :          
                                                                              

Proxy Voting:

10.  Name of proxy holder :                                                   
                                                                              

11.  Number of voting rights proxy holder will cease to hold :                
                                                                              

12.  Date on which proxy holder will cease to hold voting rights :            
                                                                              

13.  Additional information :                                                 
                                                                              

14.  Contact name :                                                           
                                                                              
     David Pearson                                                            

15.  Contact telephone number :                                               
                                                                              
     020-7782 2617                                                            

16.  Date of notification :                                                   
                                                                              
     9 October 2008                                                           



END



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